India soybean eases from highs on global leads

MUMBAI, Nov 24 (Reuters) - India soybean futures eased from their record highs on Tuesday tracking weak global leads, but firm domestic demand and thin arrivals kept the downside limited, analysts said.

The December soybean NSBZ9 on the National Commodity and Derivatives Exchange closed 0.36 percent lower at 2,426.5 rupees per 100 kg, after hitting a contract high 2,449 rupees in the previous session.

"Declining arrivals and stockists buying in spot market would support the futures prices... good demand for soy oil and soy meal might support the uptrend in prices," Hyderabad-based Karvy Comtrade said in a report.

Despite being the peak season, arrivals were not picking up due to unseasonal rains in central India, the main growing region, and farmers are also not bringing their entire produce to the market anticipating a further rise in prices, traders said.

The Central Organisation for Oil Industry and Trade said India's output of summer-sown oilseeds fell 12.5 percent to 13.1 million tonnes in the crop year that began in July 2009, mainly due to lower groundnut and soybean production.

(Reporting by Siddesh Mayenkar; Editing by Prem Udayabhanu)

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